Bill > A08651

This bill amends the Private Housing Finance Law to modify tax exemption provisions for mutual redevelopment companies in cities with a population of one million or more (which effectively means New York City). The bill changes the existing law by allowing local legislative bodies to grant an additional tax exemption period of up to fifty years beyond the current maximum exemption period. Specifically, the bill reduces two key calculations: first, changing the tax calculation from being based on the "greater" to the "lesser" of two methods, and second, lowering the percentage from ten percent to five percent of annual rent or carrying charges for the residential portion of the project. The tax exemption would take effect after the expiration of the previous maximum exemption period. This change appears designed to provide continued tax relief for certain long-standing housing developments while ensuring that the properties still contribute some tax revenue to the city, potentially helping to maintain affordable housing options while balancing municipal financial interests.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A8651